ASL Securities initiated coverage on Minor International, or MINT, with a Buy rating and a 2027 target price of 28.50 baht, against a market price of 20.40 baht, implying 39.70% upside. It also forecast dividend yields of 3.4% in 2026, 3.6% in 2027 and 3.9% in 2028. The research team expects normalized net profit for 2026 to 2028 to grow steadily to 9.756 billion baht, 10.573 billion baht and 11.222 billion baht, or earnings per share of 1.72 baht, 1.86 baht and 1.98 baht respectively, with total revenue of 166 billion baht, 169 billion baht and 172 billion baht, growing 3.5%, 2.2% and 1.6% respectively. For the third quarter of 2026, total revenue is expected at 41.6 billion baht, up 3.0% year on year, and normalized profit at 2.8 billion baht, up 9.5% year on year, supported by higher advance room bookings than a year earlier thanks to global events such as Formula 1 and the IMF-World Bank Meetings in Thailand. Meanwhile, the plan to set up a hotel real estate investment trust worth 1 billion US dollars, or about 30 billion baht, which would list 14 hotels in Europe and Thailand on the Singapore Exchange, has been delayed from the second half of 2026 to 2027 because of geopolitical uncertainty and war risk in the Middle East.
Minor International Public Company LimitedASL Securities initiated coverage on Minor International with a Buy rating and 28.50 baht target price, implying 39.70% upside.
